Forsta AP Fonden lowered its holdings in FedEx Co. (NYSE:FDX – Get Rating) by 7.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 60,000 shares of the shipping service provider’s stock after selling 5,100 shares during the period. Forsta AP Fonden’s holdings in FedEx were worth $13,883,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of FDX. CWM LLC bought a new stake in shares of FedEx during the fourth quarter valued at approximately $1,210,000. Dixon Hughes Goodman Wealth Advisors LLC bought a new stake in shares of FedEx during the fourth quarter valued at approximately $26,000. Castle Rock Wealth Management LLC bought a new stake in shares of FedEx during the fourth quarter valued at approximately $506,000. Valmark Advisers Inc. bought a new stake in shares of FedEx during the fourth quarter valued at approximately $517,000. Finally, Aurora Private Wealth Inc. bought a new stake in shares of FedEx during the fourth quarter valued at approximately $287,000. 79.92% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on FDX shares. Bank of America lifted their price objective on FedEx from $276.00 to $287.00 in a research note on Thursday, June 30th. Berenberg Bank cut FedEx from a “buy” rating to a “hold” rating and lowered their price objective for the company from $333.00 to $275.00 in a research note on Friday, July 1st. BMO Capital Markets lifted their price objective on FedEx from $270.00 to $280.00 and gave the company a “hold” rating in a research note on Thursday, June 30th. StockNews.com cut FedEx from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 21st. Finally, Deutsche Bank Aktiengesellschaft set a $320.00 price objective on FedEx in a research note on Thursday, June 30th. Four research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $297.50.
FedEx Stock Down 0.5 %
FedEx (NYSE:FDX – Get Rating) last posted its quarterly earnings data on Thursday, June 23rd. The shipping service provider reported $6.87 EPS for the quarter, missing analysts’ consensus estimates of $6.91 by ($0.04). FedEx had a net margin of 4.09% and a return on equity of 22.29%. The firm had revenue of $24.39 billion for the quarter, compared to analysts’ expectations of $24.28 billion. During the same quarter last year, the company posted $5.01 EPS. As a group, sell-side analysts predict that FedEx Co. will post 23.16 EPS for the current year.
FedEx Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, July 11th. Shareholders of record on Monday, June 27th were issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend was Friday, June 24th. This is a positive change from FedEx’s previous quarterly dividend of $0.75. FedEx’s payout ratio is currently 32.17%.
Insider Buying and Selling at FedEx
In related news, Director Vincenzo J. Vena purchased 900 shares of the business’s stock in a transaction on Wednesday, July 6th. The stock was acquired at an average price of $230.04 per share, with a total value of $207,036.00. Following the completion of the acquisition, the director now owns 1,325 shares of the company’s stock, valued at approximately $304,803. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other FedEx news, Director Amy B. Lane acquired 607 shares of the company’s stock in a transaction dated Thursday, June 30th. The stock was purchased at an average price of $228.12 per share, with a total value of $138,468.84. Following the completion of the purchase, the director now directly owns 686 shares in the company, valued at approximately $156,490.32. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Vincenzo J. Vena acquired 900 shares of the company’s stock in a transaction dated Wednesday, July 6th. The stock was acquired at an average cost of $230.04 per share, with a total value of $207,036.00. Following the purchase, the director now owns 1,325 shares of the company’s stock, valued at $304,803. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 37,575 shares of company stock valued at $8,628,768. Company insiders own 8.16% of the company’s stock.
FedEx Corporation provides transportation, e-commerce, and business services in the United States and internationally. The company's FedEx Express segment offers express transportation, small-package ground delivery, and freight transportation services; time-critical transportation services; and cross-border e-commerce technology and e-commerce transportation solutions.
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